MMA Weekly Report Nikkei Stock Average By Raymond Merriman Jan.9 2024

1. Review

The nikkei average closed last week up 87 points from the previous week at 33,377. The week's low was on Thursday the 4th at 32,693. The week's high was on Friday the 5th at 33,568. Although the week's low fell below the lower bound of the weekly support line, the closing price was above it, triggering a bullish signal. This closing price exceeded the Weekly Trend Indicator Point (TIP) for two weeks in a row, but the overall trend remains in a “neutral” state.

2. Cycles

As explained even in the year-end release of “Forecast 2024,” the nikkei average has a long-term market cycle with an 17-year cycle. Its starting point is October 28, 2008, at 6,994. 2024 is the 16th year of that cycle. This cycle is divided into two halves by an 8.33-year cycle, with the first half ending at June 24, 2016, at 14,864 and February 12, 2016, at 14,865, forming a “double bottom.” From here, the second half (the 2nd–8.33 year cycle) has begun.

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